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PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
OVERNIGHT MARKET SNAPSHOT FOR FRIDAY 24/03/23
European markets fought back up off lows after and earlier selloff while the US managed to end with minor gains led by Tech shares. Again, banking concerns weighed on the markets which capped bullishness for the session as the USD continued to move lower leading to a rally in Gold and Copper. For me, major US and European Indexes are looking very heavy and teetering on a selloff. Whether the selloff sees new major lows or a retest of previous lows, is still yet to be seen.
Asian markets will open weaker with the ASX200 expected down 40 points, HSI to open down 180 and the Nikkei down 40/50 points on open.
I remain of the view that sticky inflation is the big issue but it is now a balancing act for the Fed with the concerns for the Regional US Banks leading many to expect an interest rate pause.
Some KEY ACTIONABLE LEVELS into the Asian market session. Review of the European and US sessions and what that will mean to the price action in the near term along with key levels to watch.
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KEY LEVELS AND MARKET OVERVIEW INTO THE ASIAN SESSION OPEN
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